The time has come, so we would now like to start the online briefing with Toshiba Corporation. First, we must apologize for the change in content of today's briefing. As we notified this morning about the change in content of today's briefing, concerning part one, nomination of candidates for directors. Since additional time is needed to finalize the nomination of candidates for directors, we would like to cancel part one. Today, we will only conduct the fiscal year 2021 business results announcement. We express our sincere apologies for this last-minute change. We are very sorry. We will make the announcement on the nomination of candidates for directors at a later date as soon as decision is made. In addition to the business results, we made a timely disclosure today entitled Notice Regarding Status of Discussions with Potential Investors and Sponsors. If you have any questions about this, please contact the media relations office or the investor relations group of the Corporate Strategy Division. We would now like to start the fiscal year 2021 business results announcement. The speakers are Representative Executive Officer and Corporate Executive Vice President and CFO, Masayoshi Hirata. Corporate Officer and Vice President of Accounting Division, Yasuhiro Matsunaga. I am Hara from Corporate Communications. I will serve as moderator today. Using the PowerPoint FY 2021 consolidated business results, Mr. Hirata will explain about the business results for about 20 minutes. After that, we will have a 40-minute Q&A session. During the first 20 minutes, we will accept questions from the media, after which we will answer questions for another 20 minutes from analysts and institutional investors. Thank you for your kind cooperation in advance. We will accept questions via the teleconferencing system. As notified in advance, pre-registration is necessary to use this teleconferencing system. Mr. Hirata will now start his presentation. I would now like to explain about the FY 2021 consolidated business results. First, please refer to page 3. This is a summary of the key points of the FY 2021 results. There are four main points. The first point is that overall, there is a recovery trend from COVID-19. Consequently, net sales in FY 2021 increased in all business segments year-on-year, and operating income increased mainly in semiconductors and energy business. I will explain about the numbers later on. The second point is free cash flow and orders. Because of an improvement in EBITDA and working capital, free cash flow improved year-on-year, and amount of orders received and order backlog steadily increased. The third point is FY 2022 forecast. Although we expect further shortage of semiconductors, soaring material costs, and impact of the deconsolidation of the Toshiba Carrier Corporation, we forecast operating income to increase from FY 2021 to JPY 170 billion. The fourth point is shareholder return. Based on our policy to maintain dividend payout ratio of at least 30%, dividend for FY 2021 increased by JPY 30 from the previous announcement, and dividend in FY 2022 is forecasted to be ordinary dividend JPY 130, special dividend JPY 160, with a total annual dividend of JPY 290. I will explain in detail later on. Now please turn to page 6. This page shows the income or loss items. Net sales in FY 2021 was JPY 3,337 billion, year-on-year increase of JPY 283.6 billion, or 9%. As I just mentioned, net sales increased in all segments. This includes yen depreciation impact on net sales of a positive JPY 89.9 billion. Operating income was JPY 158.9 billion. Because of an increase in net sales and impact of yen depreciation, operating income increased year-on-year by JPY 54.5 billion. Concerning operating income as well, there was yen depreciation impact of positive JPY 16.4 billion. Factoring in non-operating income of JPY 80.2 billion, including equity earnings from Kioxia, income before income taxes, it was JPY 239.1 billion, JPY 85.6 billion year-on-year increase. Consequently, net income excluding tax expense, et cetera, was JPY 194.7 billion, an increase of JPY 80.7 billion from the previous year. Our company's total number of outstanding shares is, as of the end of March 2022, on average 440 million shares. After a capital increase in 2017, this increased to 650 million shares. We conducted share buyback of JPY 700 billion from October 2018, and JPY 100 billion in FY 2021. Consequently, a total number of outstanding shares declined by more than 30% from 2017. Page seven is the overview of operating income improvement from the previous fiscal year. On the left-hand side of the page is the FY 2020 operating income of JPY 104.4 billion. If we add back the restructuring cost of JPY 17.5 billion of the previous year for device and retail business, operating income was approximately JPY 122 billion. If we add to this number the increase in operating income of JPY 52 billion, mainly due to recovery from COVID-19, as written on the right-hand side, operating income for the year comes up to be JPY 158.9 billion. Material and logistics cost continues to increase, and we are still impacted by semiconductor shortage. As written in the rectangular box, shortage of semiconductors is recognized as decrease in net sales, leading to a decline in profit of approximately JPY 23 billion. Soaring material and logistics cost is recognized as increase in cost, leading to a profit decline of about JPY 41 billion. In total, profit declined by approximately JPY 64 billion. Page eight is the breakdown of non-operating income. FY 2021 was total of JPY 80.2 billion, a JPY 31.1 billion increase year on year. Equity in earnings affiliates was a big JPY 51.5 billion improvement, which is mainly due to Kioxia earnings increase of JPY 47.5 billion. While income on sales of securities worsened JPY 26.4 billion, which is because in the previous year there was earnings from the sale of Toshiba Logistics of JPY 16.6 billion. Page nine is free cash flow. As for cash flow from operating activities, in addition to EBITDA improvement in energy and infrastructure, increases in advanced payment received improved working capital, contributing to operating cash flow, which was an absolute number of JPY 249.2 billion. Cash flow from investing activities was mainly about investing in future growth and was JPY -124.5 billion. Together, free cash was JPY +124.7 billion. The lower table equity attributable to shareholders of the company was JPY 1,206.6 billion. Although we executed share repurchase and dividends totaling about JPY 200 billion returned to shareholders, because of improvements in net income and currency translation adjustments following the weaker yen as well, equity increased JPY 42.1 billion. Our shareholders' equity ratio is 32.3%. Net interest-bearing debt is JPY 81.2 billion of debt position. Page 10 is the details of what I just covered and is for your later reference. Page 11 onwards is business results by segment. Page 12 is the summary of all the segments' results. Please look at the third column from the right versus previous forecast. Building solutions, retail and printing solutions, electronic devices and storage solutions slightly had a hard time because of parts shortages, soaring cost of materials, and impact of Chinese lockdowns. Overall, we ended the year mostly as previously forecasted. Page 13 is the breakdown of energy systems and solutions. Net sales was JPY 549 billion, a JPY 65.8 billion year-on-year increase. Operating income was JPY 35.6 billion, a JPY 24.8 billion increase year-on-year. As you can see, nuclear power system sales decreased slightly, but overall, power generation systems and transmission and distribution systems both increased in sales and profits. Page 14 is the infrastructure systems and solutions breakdown. Net sales was JPY 654.7 billion. Operating income was JPY 41.7 billion. Public infrastructure saw increases in sales and in profits mainly in social systems business, but railways and industrial systems sales decreased due to COVID-19 and semiconductor shortage. In addition, because industrial systems business was impacted by soaring material costs and restructuring costs, and railway business overseas project costs increased, resulted in a big profit decrease in railways and industrial systems. For the segment as a whole, net sales was flat and operating profit decreased. Next page is Building Solutions. Net sales was JPY 599 billion. Mainly with air conditioning and elevator recovery, net sales increased JPY 53.8 billion, while operating income was JPY 26.3 billion. Higher sales increased profits and exchange rate was positive, but soaring costs of materials and logistics and semiconductor shortage impact contained profit increase to JPY 2.6 billion year on year. Page sixteen is electronic devices and storage solutions breakdown. Net sales was JPY 859.8 billion, an increase of JPY 148.5 billion year-on-year. Operating income was sixty-five point seven billion yen. JPY 53.2 billion increase year-on-year. In addition to recovery from the impact of COVID-19, HDD sales increased to large-scale data centers, resulting in sales increases in both semiconductors and HDD and others. Profits increased because on top of the top line effect with the weaker yen and restructuring effect materializing, profits increased. Page seventeen, upper table shows retail and printing. Net sales was JPY 453.2 billion. Operating income was JPY 11.7 billion. Here again, with recovery from the impact of COVID-19 and the effect of restructuring implemented last fiscal year, both retail business and printing business saw sales and profit increases. Lower table is digital solutions. Sales increase in systems related projects to the public sector being the main factor. Net sales was JPY 230.6 billion, an JPY 8.9 billion increase, and operating income was JPY 24.4 billion, a JPY 40 billion increase. Page 18 shows 3-year trend of amount of orders received and order backlog. Left-hand side is the amount of orders received. Orders received trended steadily, increasing 7% year-on-year in FY 2021. In energy systems, orders are increasing. The right-hand side is order backlog trend. Order backlog increased steadily, is +3% year-on-year. Page 20 shows equity earnings from Kioxia. On the upper left-hand side shows the quarterly results of equity earnings of Kioxia. As reported by Kioxia in February, equity earnings for Q4 was JPY 3.5 billion, partly due to the measures taken to deal with contaminated components in certain production processes. Please refer to the table on the right for market trends at your convenient time. From page 21, I will explain the earnings forecast for FY 2022. Please turn to page 22. We are guiding for net sales of JPY 3.3 trillion, operating income of JPY 170 billion, and net income of JPY 175 billion. Net income is expected to decrease by approximately JPY 20 billion, mainly due to an increase in tax expenses. Our pretax profit FY 2021 included approximately JPY 40 billion of equity earnings from Kioxia, which currently does not recognize tax effect accounting, and a one-time improvement in tax expense in FY 2021. Therefore, the tax expenses for FY 2022 is not necessarily going to increase. We project positive JPY 100 billion in free cash flow, down by approximately JPY 20 billion year-on-year, partly due to the absence of advance payment received in FY 2021. The currency assumptions used in this forecast are as indicated on the right, 120 yen against the dollar, and for euro, it's 135 yen. We also assume that shortages of components, including semiconductors and rising material and logistics costs, will remain to a certain extent in FY 2022. We will take various measures and actions to cope with these circumstances, such as cost reduction and efficiency improvement and raising prices. Please turn to page 23. This is the FY 22 forecast by segment. In energy systems and solutions and infrastructure systems and solutions, both sales and profits are expected to grow thanks to scale expansion and mix improvement. In building solutions, both sales and profit will be down due to the transfer of the air conditioning business. For the elevator business, the impact of component shortage and soaring material cost is expected to be persistent. In retail and printing solutions, the weaker yen will contribute to higher revenue, and profit is expected to rise due to improvement in mix and profitability. Weaker yen will also contribute significantly in electronic devices and storage solutions, resulting in sales and profit growth. In others, as we have been working on the special committee, we are expecting JPY 10 billion in costs associated with the special committee and others and another JPY 10 billion as risk buffer. In sum, we expect net sales will decrease by JPY 37 billion, but OP to grow by JPY 11.1 billion on a consolidated basis. Page 24 summarizes improvement in projected OP for FY 2022 compared to the actual results in FY 2021. The column at far left is the FY 2021 OP, which marked JPY 158.9 billion. After adding back JPY 7.5 billion structural reform related costs booked in FY 2021, the underlying OP was approximately JPY 166 billion. The positive impacts on profits for FY 2022 will be JPY 10 billion from weaker yen. JPY 33 billion from higher revenue, and JPY 29 billion from improvement of earnings power. While we factor in negative JPY 45 billion from increasing fixed cost and for growth, JPY 23 billion as aggregate amount for risk before special committee-related costs and others. Net-net, we project a slight year-on-year increase in OP at JPY 170 billion. Last but not least, a few words on shareholder return on page 26. The left-hand side shows the year-end dividend for FY 2021. As mentioned at the outset, we have decided to pay a year-end dividend of JPY 70 per share in line with our policy to achieve 30% or more as dividend payout ratio. Adding the interim dividend of JPY 40, the annual DPS will be JPY 110. The right-hand side illustrates the additional shareholder return. As in the previous year, we conducted a review of adequate capital as of the end of FY 2021. As a result, shareholder equity at the end of FY 2021 was in excess of the adequate capital level by JPY 100 billion. From this amount, we netted out roughly JPY 30 billion as year-end dividend payment for FY 2021, as I just explained, and decided to return the difference, approximately JPY 70 billion as additional shareholder return in the form of special dividend. The special dividend will be JPY 160 per share using June 30th as the record date. The annual ordinary dividend for FY 2022 is projected to be JPY 130 per share in line with our policy of a dividend payout ratio of 30% or more. Together with the special dividend, the annual dividend will be JPY 290 per share. The FY 2022 guidance by major businesses is shown on page 31 and onward in the appendix section. Please refer to them at your convenient time. This will conclude my presentation on the FY 2021 financial results. Thank you for your attention. This concludes our explanation. We will now respond to the questions about the business results. For the next 20 minutes, we will accept questions from the media. I will explain about how to ask questions. We will accept questions from people who pre-re-registered with the teleconferencing system. If you have a question, please press asterisk one on your telephone. Please be careful not to press the sharp button or hashtag, but the asterisk button. When the moderator calls your name and affiliation, please turn your microphone on and start your question. If you wish to cancel your comment, please press asterisk two. When you are asking your question, please turn off the live streaming on the website. Since your microphone may capture the audio of live streaming and duplicate your voice. Furthermore, when you are not talking, we recommend you to mute your microphone in order to prevent keyboard or other unnecessary noise from being heard. We will now respond to your questions. The Asahi Shimbun, Mr. Murakami, please. This is Murakami speaking from The Asahi Shimbun. Can you hear me? Yes. Thank you for the opportunity. In your company, currently you are soliciting proposals concerning strategic options. What is the ideal corporate management state of your company? I would like Mr. Shimada to respond. We would like to maximize our corporate value. For that objective, we announced our spin-off plan the other day. A conclusion was reached at the EGM to reconsider this. As written in various documents, therefore, we are now considering the various possibilities and options. We are pursuing what the best way to manage the company is to maximize profit for all stakeholders. We are consulting with financial advisors and legal advisors and so forth. We are now in the midst of consideration. I have another question, if I may, to Mr. Hirata. This morning you suddenly decided to cancel announcement of director candidates. This gives us an impression that there is turmoil, confusion in corporate management. As a member of corporate management, Mr. Hirata, what is your opinion on this? Mr. Murakami, thank you for that question. To the AGM shareholders meeting, we will propose director candidates. The director candidate nominees are to be decided by the nomination committee. Therefore, I am not in a position to respond to this question. The nomination committee has said that in order to construct the optimum board structure, additional time is necessary for consideration. In addition, by the end of June, the AGM will be held, and director candidates. That it will be nominated by that time. As soon as decision is made, we will make this announcement. As a member of management, I express my sincere apologies for this sudden change in schedule. As a member of the executive management, I would like to refrain from further comments. Understood. Thank you very much. Thank you very much. please. Yes. Can you hear me? Yes, we hear you. This fiscal year, for the year that just started, the outlook I would like to ask about. First of all, operating income. Increasing selling prices to offset the soaring material costs, you say. How much is the price increase being accepted? What is your actual experience and feel? It may be different from business to business. Thank you for your question. Material costs are soaring, and logistic costs are also soaring. There are cost increase factors. Therefore, in our FY 2022 plan, in all the businesses, we want to obtain customers' understandings and revise pricing. We will make this effort. We have factored in a certain extent of selling price increase in the plan. April of the new year just started. The new year just started, but we are gaining understanding from the customers this change in the world affairs. We will continue to work to gain understanding. Thank you very much. I have another question. This is also related to the outlook of this fiscal year. The Infrastructure Systems, Railways System, the year that ended was down in sales and profits. Can you explain the circumstances further? What is the outlook of this fiscal year? Yes. Thank you for your question. As I touched upon slightly earlier, for railway systems, the overseas projects somewhat have profitability issues, and we need to provision accounting-wise. That is why there is some deterioration included. The other is industrial systems, in other words, motors. Here we have operations overseas. This fiscal year or FY 2021, due to COVID impact, the operations stopped or the parts and materials did not come in. We experienced such situations. Plus, in FY 2021, we initially planned restructuring of industrial systems. The operation was somewhat not going well, but we intended to go through restructuring as scheduled. This restructuring cost was also factored in. FY 2021, as a result, became conspicuously worse. Following this, FY 2022, there will be some effect from restructuring. We are confident. Railway business will trend stably, and I think it may continue somewhat further. The impact of COVID in comparison to FY 2021, the impact will be less. Therefore, we are now setting a target that is a level that is achievable. This is all from me. Thank you. Next, from Nikkei. Yao-s an, please. This is Yao from Nikkei. Can you hear me? Yes, we can. I have two questions. First, earlier you mentioned that you are pursuing some strategic alternatives, including privatization. On that point, from a financial perspective, what is the impact of a privatization? What are the benefits and the merits? Can you tell us the pros and cons of privatization? That's my first question. Yes. Thank you very much for your question. Right now, I think, you asked, the question about, privatization. What we are doing right now is exploring multiple options, including privatization. I believe there are many options available on the table. We are now specifically studying a potential of a privatization. As the special committee and the management team, will be considering, multiple alternatives, to make sure that, we chose, the option that is the best alternative for the company. That's what we're pursuing right now. Thank you. Another question is going back to the previous discussion. For privatization, I think one of the hurdle is the anti-monopoly law. Particularly in China, I think that's attracting a lot of attention. Your business in China, and also the revenue in China, how much do they account for in your total business? Yes. Regarding the sales to China, I will have the general manager of the accounting division answer that question. My name is Matsunaga from the Accounting Division. For FY 21, the overseas revenue was about 47% of the total. Out of which, China accounted for 15%. From the overall size, it's about JPY 500 billion in China. 47% multiplied by 15%, is that the China sales? Within 47%, 15% is the exposure to China. Thank you. I got it. Thank you very much. NHK, Shiga-s an, please. This is Shiga from NHK. Can you hear me? Yes. About the current business environment, the soaring material cost and semiconductor shortage, there are negative factors. On the other hand, in the case of Toshiba, the weaker Japanese yen seems to be a tailwind, an advantage. If you take a look at your business as a whole, the current business environment, what is it like? Could you please comment on the current business environment? Based on that, there's the situation in Ukraine as well as COVID-19, a lot of things going in the world. What impact are you particularly focusing on? Thank you for your question. As you mentioned, the situation in Ukraine, the war between Ukraine and Russia, in those markets, we are not generating high level of net sales directly. However, as a spillover effect in that material price may continue to increase. That is how we understand the situation. Therefore, in order to get prepared for this possible situation, we have to try and make improvements. We are constantly watching and monitoring the situation on how to improve our situation. Concerning the foreign exchange rate, it's written somewhere in the handout, one yen movement in the Japanese yen has about JPY 1 billion operating income impact. Therefore, as written on page 24, FY 2021 to FY 2022, 100 yen. It's now about 120 yen. Most recently, the Japanese yen is about 128 yen. There are uncertainties as to what will happen to the Japanese yen, but we don't think the yen will continue to weaken perpetually. Therefore, a positive Forex impact has to be reflected in our profit and loss as much as possible now. Does that answer your question? Thank you very much. Understood. I have another question. There was a similar question before about privatization, and I also have a question about this topic. From a financial perspective, in order to proceed with a privatization, it seems as though a large amount of money will be necessary. From a financial perspective, if you are to proceed with the privatization, what possibly will be the challenges bearing upon the current business environment that you just explained? When you say a large amount of money, funds will be necessary, I'm not sure from what perspective you mention this. As we go on with this process, about JPY 10 billion we have factored in to continue on with this process this fiscal year. In order to pursue privatization, the buyer candidate, it depends on how the buyer candidate will procure funds or whether there'll be borrowings or not. Therefore, I think it depends more on the funding of the buyer candidate. If we consider it that way, it's difficult for me to respond in detail. Thank you. Thank you very much. Thank you very much. We would like to accept questions from the English channel. For the English channel, the questions are possible for people who have registered to the teleconference system first. If you have a question, please press star one. If your company name and your name is called, please ask your question. Is there anyone with a question? There seems to be no question from the English channel side. I would like to revert back to the Japanese channel. Nikkei Business, Kodachi-san, please. Thank you very much. Can you hear me? Yes? Nikkei Business, Kodachi. I have two questions. I would like to go one by one. The first question is, you just mentioned about JPY 10 billion cost you have factored in for privatization. Specifically, what kind of costs are they? Yes. To proceed such a process, the company side alone will be difficult to proceed. We need financial advisors, and we need to pay fees. To the legal advisors, we need to pay fees. These are the expenses in mind. This time, the financial advisors you have, and these are the fees for these people. The total fee is not fixed as of this stage. In as much as we can assume now, we have secured JPY 10 billion for now. The other is whether you choose to go for privatization or not. In envisioning the future of the company, you need to determine what kind of financial statements or financial picture you want for the company. The building solutions you intended to sell this time increased in sales and profits, and retail and printing also increased in sales and profits. You froze the selling process once, but rather they can become one of the core businesses. Could they become core businesses in the future? For once, we suspended the selling process. Before the AGM, the new business plan, we will be explaining to you. As Toshiba, from the comprehensive perspective, what should be the way in the future? We would like to explain to you then. Thank you very much. Our next question is from Hirosue-san from Nikkei. This is Hiroe from Nikkei. Can you hear me? Yes, we can. I have a question around privatization. In the earlier question, you responded that you will think about the benefits for Toshiba. What exactly do you need to consider in terms of benefits for Toshiba? You talked about the debt for buyout, your free cash flow is JPY 100 billion. At what level? What kind of a debt level would you like to see to continue to pursue your business even after privatization takes place? Sorry, I was not able to hear your first question. On the second question, at this point, we have a free cash flow of approximately JPY 100 billion, and we can definitely generate that level of free cash flow. We are now in the middle of putting together the new business plan. Depending on the business portfolio structure, the free cash flow will be different. On that point, I hope that you would first take a look at the new business plan to ask the questions. Okay, I understand. My first question was, in short, what is the benefit of privatization for Toshiba? Can you be more specific about the benefit for Toshiba? What kind of a benefit should you be able to reap as Toshiba with this privatization process? The benefit is to enhance the corporate value, enterprise value. If that can be achieved by privatization or enhancing the enterprise value means that to all the stakeholders, I think we can bring benefit to all the stakeholders if we are able to enhance the enterprise value. Also, we are looking to see if a privatization is going to be a feasible way to achieve that or if we have other alternative options. We are in the midst of the process to determine what the optimal option will be for us. Thank you very much. I understand. Thank you very much. Are there any other questions? Since there are no additional questions from the media, we would now like to conclude the Q&A session for the media. Thank you very much. Now, until 5:10 Japan time, we will accept questions from analysts and institutional investors. We will accept questions from people who pre-registered with the teleconferencing system. We will first respond to questions on the Japanese channel, followed by the English channel. If you have a question, please press asterisk one. SMBC Nikko Securities, Yoshizumi-san, please. This is SMBC Nikko Securities, Yoshizumi. Thank you for this opportunity today. I have two questions. First is about the plan for the new fiscal year. Net sales increase impact, the certainty thereof, energy systems & solutions and infrastructure systems & solutions business. Energy consists of nuclear power and transmission and distribution systems. You expect a double-digit net sales growth, a very high growth. Are you confident that you'll be able to achieve this growth rate? Based on what assumptions did you come up with this net sales increase forecast? Railway system, industrial system is likely to increase in infrastructure systems and solutions. Infrastructure, public infrastructure is also likely to grow much more than before. Net sales growth forecast you expect for energy systems and solutions and infrastructure systems and solutions, how certain are you sure you'll be able to achieve this net sales growth? From a quantitative perspective, it's difficult to make a quantitative comment. Orders received, if you take a look at the orders received as well as order backlog, they are increasing steadily. Based on the situation, we came up with our guidance for the new fiscal year. There's some certain level of orders coming in, JPY 610 billion for energy and infrastructure as JPY 700 billion. We are confident that we should be able to achieve this. Last fiscal year, we were still impacted by COVID-19. As you may know, from year-end to the beginning of the year, there was unexpectedly high COVID-19 impact. A key point is what will happen to the COVID-19 impact going forward. We should not be too optimistic, but we don't see any immediate negative factors either. This concludes my response. Thank you. Understood. Thank you very much. My second question is about investment for future growth. In the fiscal year that just ended, I forgot the amount, about JPY 9 billion. It's below your plan. Including privatization, you are considering the possibility of privatization, which is a different direction that you're heading compared to before. Bearing that in mind, is there a stop or a suspension in future investment for growth? Or in terms of operation, are you intending to continue to invest towards future growth? Was there a different reason why growth investment was only JPY 9 billion? Are you able to invest sufficiently in what's necessary for future growth? Future growth investment, is this impacted by shifting direction and considering the possibility of privatization? The conclusion is we are not at all stopping or suspending investment into future growth. We are giving our structures within the company rather to accelerate future growth investment. I think you were looking at page 7. Compared with our forecast three months ago, it seems as though there's been about JPY 9.6 billion or JPY 10 billion decline in growth investment. It is true that there's a decline in growth investment, but we have to plan thoroughly before we invest. Just because we have a surplus of cash, it doesn't mean that we should immediately invest. We have to be prudent in this kind of investment, and so we have to scrutinize before we actually invest. We are not at all saying that future investment growth is prohibited. We are rather saying that future growth investment plans have to be formulated much more quickly and this has to be accelerated. From FY 2021 to 2022, as written on page 24, JPY 45 billion increase in future growth investment is planned, and we would like to make sure we realize this. Understood. I'm relieved, and I feel assured. Thank you very much. Thank you very much. Any other questions from analysts and institutional investors? If you have a question, please press asterisk one on the telephone. UBS Securities, Yasui-san, please. UBS, Yasui is my name. Thank you. I have two questions. The first is, for the year that ended in the fourth quarter, hard disk and others. Hard disk and other, the minus seems to be a bit big. Was there any special factor in the fourth quarter in hard disk and other business? This is my first question. The second is about privatization. I do not want to bring up about the past personally, but last year around April timing, Mr. Kurumatani's time, then there was a new proposal. At that time, the board's decision was not to accept. In September, again, the privatization discussion went ahead further that had potential. Now you are open to possible privatization. It seems that there seems to be external pressure leading you to act so. With privatization in itself, why do you think you can enhance your corporate value? The reason you think so seems to be weak. You are soliciting now, and with privatization in itself, will this realize improvement of the company, reform of the company? Will this really make the company better? Privatization or spin-offs, it appears only seems to be about the form of the company alone to me. Toshiba seem maybe struggling, maybe. With privatization, will Toshiba become better? If so, why do you think so? What is the background you think so? Now, the second question I want to respond to, that is one year ago, CVC made a proposal, which I am aware of myself too. In the board at that time, what was the decision? What was the discussion? I do not know in detail, but thereafter, in SRC, in the case of privatization, what will happen? Mainly centered around external directors, there were studies made. The decision then was that spin-off will be a good way to go. The options other than spin-offs, the study for other options I think were not thorough yet. Therefore, this time, inclusive of possible privatization, options will be reviewed. The benefits of privatization. If there is going to be privatization, what are the benefits? As I have been mentioning several times, for all the stakeholders, it will become a benefit, that is the corporate value will go up. Enhancing corporate value will mean higher benefits for all the stakeholders. Toshiba has been making various investments. We have technologies, but going alone, ourselves in Toshiba alone is one way. Another may be receiving support from others. This may allow us to increase our corporate value faster. In the new executive team, putting together the new business plan, such possibilities are also under study. Thank you. One other question. Fourth quarter, HDDs and others. Parts and materials costs soared, impacting the marginal profits. Therefore, fourth quarter was much lower than we expected. In the first quarter, we provisioned for the environmental liabilities. This deteriorated. Otherwise, we were preparing for spin-offs, resulting in more costs. The biggest part is the provisioning for the environmental liabilities. The follow-up question to Hirai, Hirata-san. You may not be able to directly answer, but possible partnerships in the businesses. Does this mean you are open to accept the flexibly possible partnerships in each of the businesses? Privatization is at the fore this time, but we think there can be various patterns of proposals. This time in our timely disclosure, this is included. That is, so far about 10 companies will be participating in the study. In what ways will they be considering expanding the corporate value of Toshiba and accelerating the corporate value of Toshiba? How are they going to support this with the support of legal advisor, financial advisor, and the work of the special committee we want to cautiously discern? Sorry, this is my final follow-up question. Ten companies you have received pledge of secrecy, NDA, confidentiality pledge, which means next stage is There are 10 companies, 10 candidates considering privatization. Not necessarily only privatization proposal. To expand and accelerate corporate value of Toshiba, those who can support this are making entries now, and they have just started reviewing what can be possible by looking at our data room. Thank you very much for sensitive information. Thank you. Are there any questions? Please, press hash second, one on your phone. We'd like to switch to the English channel. For those on the English channel, you can ask your questions if you have pre-registered to this conference call. Are there any questions on the English channel? If you do, please press star and one. It seems that there are no questions from the English channel. We will go back to Japanese channel once again. Any questions? From Tokai Tokyo Intelligence Laboratory, Mr. Ishino, please. Hello, can you hear me? Yes, we can hear you loud and clear. I have one question. If this was raised before, apologies for that. For the semiconductor business, you have a Discrete, System LSI, and NuFlare Technology. Can you give us a breakdown to the extent possible? Yes. For within the semiconductor business, you're seeking for the breakdown. We will not be able to offer you the specific numbers, but our IR team will be able to respond to that question. For FY 2021, the number, okay? Yes, that will be fine. For FY 2021, within the semiconductor business, the revenue was JPY 365.4 billion. Discrete and System LSI was a little over 320 billion yen. For NuFlare Technology, the revenue was about 40 billion yen. How about the profit breakdown? For profit, semiconductor OP was JPY 49 billion. Discrete System LSI in aggregate was mid JPY 40 billion. NuFlare Technology was somewhere between less than JPY 1 billion. What is your plan for FY 2022? For FY 2022, let me offer you some numbers. For FY 2022, for semiconductor revenue, the plan is JPY 430 billion. For Discrete System LSI, JPY 360 billion. For NuFlare Technology, JPY 70 billion. For operating profit and loss, JPY 62 billion is the plan. Discrete System LSI is mid JPY 40 billion. NuFlare Technology is the high end of JPY 10 billion level. For NuFlare Technology, I think you have the multi-beam mask writer. The delivery seems to be a little bit stagnant. Is it okay to understand that the delivery will be done from NuFlare Technology? Yes, that's right. Due to the impact from COVID-19, the delivery to China has been delayed a little bit. However, it will be happening in an accelerated pace. Thank you. Also for Discrete and System LSI, the image of the profit, it seems like it's moving just sideways from last fiscal year. Is that the right situation? Why is it just moving flattish? Is it because of the depreciation burden due to investment? Like you said now, in Kaga, we are making a investment. Once they go on stream, we will have some upfront depreciation increase. Thank you. The future development of power chips from FY 2022 and beyond. We are deliberately increasing the investment so that we can secure competitive edge for the future opportunities. To what extent are you going to increase the development expenses? At this point, we're thinking about a few billion JPY. Thank you. Are there any other questions? It seems that there are no questions, and it is close to the scheduled closing time, so we would now like to end today's online conference. Thank you very much for participating today. Our company's new management plan or business plan is scheduled to be announced in the beginning of June. We will inform you once the date is decided. Those of you participating via telephone, please do not forget to hang up your phone. Thank you very much.